Ocean Power Technologies Inc., a Monroe Township-based ocean energy solutions provider, announced Tuesday it has signed a Master Service Contract with an undisclosed offshore oil and gas operator.
The contract will dictate all the work with the customer in the United States and the U.S. outer continental shelf, OPT said, including the provisions of goods and services.
“This contract is the first with a U.S. oil and gas operator, opening the door for OPT to provide solutions into the Gulf of Mexico where we believe there exists significant need for cost-effective remote offshore power and communications. This Contract signifies a major investment of time and resources by our customer and OPT, which further demonstrates the demand for our solutions and our credibility as experts in marine power and communications. It was a long process to achieve this critical agreement, and we’re very pleased to support this customer with our solutions and services in the near future,” George H. Kirby, CEO and president of Ocean Power Technologies, said.
The contract includes terms and conditions of all future work with the customer, including product and service warranties, OPT said.
“The Gulf of Mexico is the largest oil field decommissioning market in the world with more than 9,000 wells that require plugging and abandonment. Many of these wells are in deep water, where high cost and complexity drive the need for new technologies and where every dollar saved goes directly to the bottom line. OPT’s PowerBuoy Exclusion Zone Monitoring solution can decrease cost and increase safety by providing autonomous surveillance and monitoring. Resident underwater vehicles using our continuous PowerBuoy recharging system can allow for safe and cost-effective visual tracking and intervention during well plugging and abandonment activities. Our PowerBuoy eliminates the need for expensive on-site vessels by offering a clean and renewable solution while allowing operations remotely from onshore. We believe these high-tech solutions will be game changers in the offshore oil and gas market,” Kirby said.